Sell Your Columbus,Ohio Home Quickly With The McMichael-Liston Team
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Know Why You are Selling
If you know exactly why you are selling then it is easier for you to follow the right plan of action for getting what you want.
If you are a seller who needs to close a sale as quickly as possible, then you should know that getting the highest price possible is not one of your priorities. It does not mean that you won’t or cannot get the highest price, but it means that the price is not the deciding factor.
A buyer who can give you a quick closing time will appeal much more to you than a buyer who can offer you more money but the negotiation and closing time drag on.
It’s always good to know how low you will go, in terms of selling price. This will help to eliminate some of the offers that you find simply offensive or ridiculous. Even though you should consider all offers seriously and take into consideration the terms of each offer, sometimes, if you know the bottom line and are strict about it, you can save yourself time.
Once you know what your limits and reasons are, discuss them with your agent so that they can help you set your goals realistically. If you decide to list your home on your own, make sure you do research on the current market, and you get the proper advice you need in terms of legal issues, etc. The key is to be realistic and to know what your goals are so they can be met.
Plan of Action
- Analyze why you are selling – If you understand your motives, you will be able to better negotiate and to get what it is that you want, whether it be a quick sale, high price, or somewhere in the middle.
- Prepare your home for the buyer – Maximize the strengths of your property and fix up its weaknesses. You want the buyer to walk away from your home with a lasting good impression.
- Find a good real estate agent that understands your needs – Make sure that your agent is loyal to you, and can negotiate to help you achieve your goals. In addition, they should be assertive and honest with both you and the buyer.
- Be prepared for negotiation – Learn and understand your buyer’s situation; what are their motives? Can you demand a big deposit from them? Try to lock in the buyer so that the deal goes through.
- Negotiate for the best price and the best terms – Learn how to counter offer to get maximum value from every offer.
- Make sure the contract is accurate and complete – Be honest with your disclosures; you do not want to lose the deal because you were lying or diminishing your home’s defects. Insist the buyers get a professional inspection. This will protect both you and the buyer.
Finding the Right Agent
Not all agents work the same way. The most important attribute of an agent is that he/she is well connected to the real estate industry. He/she should know the market and provide information on past sales, current listings, his or her marketing plan, and at least 4 solid references. In addition, you also want to look for an agent that is honest, assertive, and one that best understands your needs.
Try to go with a local agent. They can better serve your needs because they should be more familiar with the local market conditions, local prices, and what’s hot or not in your community.
Considering Offers
When reading an offer, keep in mind that you are out to get the best price AND the best terms for you. If you focus solely on the price, you may overlook terms that could be favorable to you as a seller.
Some terms that may work in your favor:
higher-than-market-interest in a second mortgage for your home
the buyer will pay for most or all of the closing costs
the buyer will take care of any repairs
quick close – the buyer is pre-approved, ready to close in a timeframe that best suits you
all-cash deal
When reading through offers, remember to look at the whole package. Take the time that you need to assess what is being offered and if it meets your needs.
Setting the Price
The price is the first thing buyers notice about your property. If you set your price too high, then the chance of alienating buyers is higher. You want your house to be taken seriously, and the asking price reflects how serious you are about selling your home.
Several factors will contribute to your final decision. First, you should compare your house to others that are in the market. If you use an agent, he/she will provide you with a CMA (Comparative Market Analysis). The CMA will reflect the following:
houses in your price range and area that were sold within the last half-year
asking and selling prices of houses
current inventory of houses on the market
features of each house on the market
Questions About A Property
Quick Property Search
For Sale By Owner – A Good Idea?
FSBO (pronounced fizz-bo), or For Sale By Owner, is a way of selling your home without the use of a professional real estate agent or broker. The idea behind FSBO is that by selling your home yourself, you save the approximate 6% that would be the agents’ commission.
6% may not sound like a lot, but it can add up, especially on more expensive homes. But before you run off and decide to sell your home FSBO, you must remember that to get savings like that, there must be a cost. So what’s the catch? Selling FSBO is hard. A lot harder.
Only about 10% of sellers that decide to do FSBO are successful at it. And not all of them end up saving themselves money. FSBO sellers often end up accepting a lower price for their home than they would with an agent.
There are of course other issues as well. Can you afford to make selling your home your full-time job? Because for a lot of FSBO sellers, that’s exactly what it is. Do you have the time and capital to spend on the marketing, advertising, inspections, paperwork, phone calls, showings, and problems that come up when any home is sold?
Selling with a professional agent also has other advantages. An agent can get your home listed on the MLS (Multiple Listing Service) and other popular websites where not only homebuyers but also other agents can easily find it. Professional real estate agents also have an extensive network that allows them to more easily find a buyer.
So before you decide to sell your home yourself, thoughtfully consider just how much time and effort you can spare for selling your home, as well as how important it is that your home sell sooner rather than later.
Recent Posts
How to Identify and Address Common Issues That May Cause a Home Listing to Expire
“Without interest, you’re plain white toast. Boring. Uninteresting. Seen it. Heard it. Moving on.” - Jessica Swesey
Introduction:
Selling your home can be a sometimes challenging endeavor. A crucial aspect of a home sale is having an appealing listing that attracts potential buyers. However, there are instances when home listings expire without finding a buyer. In this article, we will explore the common issues that can lead to a home listing expiring and provide practical solutions to ensure a successful sale.
One of the most common reasons why a home listing expires is due to overpricing.
Inaccurate Pricing
Overpricing
One of the most common reasons why a home listing expires is due to overpricing. Setting the asking price too high can discourage buyers and prolong the time it takes to sell.
Underpricing
On the hand, underpricing your home can also present problems. While it may generate interest it could result in selling your home for less than its market value.
Strategies for Correct Pricing
To address pricing concerns, it is advisable to collaborate with a real estate agent who can conduct a comprehensive market analysis (CMA). This analysis aids in determining the price based on current market conditions, ensuring that your home is competitively priced.
Insufficient Marketing Efforts
Inadequate Online Presence
In today's digital era, having a strong online presence is crucial for successful marketing efforts. If your home listing doesn't receive maximum online exposure, it might not reach a wide range of potential buyers.
Poor Quality Listing Photos
Low quality listing photos can discourage potential buyers. It's crucial to have high-resolution, professionally taken pictures that highlight the best features of your home.
Using Effective Marketing Strategies
Effective marketing strategies involve creating an appealing listing description, leveraging social media platforms, and utilizing online listing platforms. Collaborate with your real estate agent to implement a comprehensive marketing plan.
Home Condition and Presentation
Unattractive Curb Appeal
First impressions matter. If the exterior of your home lacks curb appeal, it may deter buyers from considering a viewing.
Interior Presentation
A cluttered or poorly maintained interior can also be off-putting. Ensure that your home is clean, well organized, and free from any odors.
Home Staging and Improvements
Consider professional home staging to enhance the presentation of your home. Small improvements like fresh paint, updated fixtures, and minor repairs can also make a big difference.
Listing Agent and Communication
Ineffective Listing Agent
The choice of a listing agent can greatly impact the success of your listing. If your agent isn't effectively promoting your home or lacks negotiation skills, it can result in an expired listing.
Effective Communication
Communication is essential in any transaction. Make sure your agent keeps you updated on market feedback, offers, and any adjustments needed for the listing.
Choosing the Right Listing Agent
Select a listing agent who has experience and a good reputation in your area. Look for someone with a proven track record of successful sales. A skilled agent will guide you through the process and promptly address any concerns.
Market Conditions
Understanding the Local Real Estate Market
It's important to grasp the state of the local real estate market. Factors like buyers markets or slow seasons can influence how long it takes to sell your home.
Adapting to Market Trends
Stay informed about current market trends and adjust your listing strategy accordingly. Your agent can provide insights on how to approach current conditions effectively.
Setting Realistic Expectations
Maintain realistic expectations about the timeline for selling your property. Some homes sell quickly while others may require more time, depending on market factors.
Reviewing and Adjusting the Listing
Regular Evaluation of Your Listing
Continuously monitor how your listing is performing by keeping track of showings, inquiries, and any feedback received from buyers.
Making Adjustments
If your listing is not generating interest, be open to making necessary adjustments. This might involve price reductions, updates to the listing description, or additional marketing efforts.
Re-launching a Listing
Sometimes it can be helpful to remove a listing from the market and then relaunch it with a fresh approach. This can generate renewed interest from potential buyers.
Conclusion
In conclusion, there are several factors to consider for a successful home sale. It is crucial to price your home correctly, implement effective marketing strategies, maintain its condition, choose the right agent, understand market conditions, and remain adaptable. Selling a home requires collaboration between you and your real estate professional.
FAQs (Frequently Asked Questions)
Why do home listings expire?
Home listings can expire due to factors such as inaccurate pricing, lack of marketing, home condition, agent choice, market conditions, and unrealistic expectations.What is the role of a listing agent in preventing listing expirations?
A listing agent plays a vital role in accurately pricing your home, effectively marketing it, and providing guidance throughout the selling process to prevent listing expirations.How can I determine the right price for my home listing?
Work with your real estate agent to conduct a comparative market analysis (CMA) to determine the right price based on current market conditions and comparable properties.What are some effective online marketing strategies for a home listing?
Effective online marketing strategies include creating an engaging listing description, using high-quality photos, leveraging social media platforms, and listing your home on reputable online listing websites.
Getting the Highest Price in the Shortest Time
In order to get the highest price in the shortest time, you need to know how to market your home. The better you market your home, the more offers you will get. And the more offers you get, the more choices you have to get the price and terms you want.
The most important factor of marketing your home is pricing it right. Your price should be adjusted to reflect the market and your property’s worth. The key is to get as many people as possible checking out your fairly priced property. If your property is not priced fairly, there will be no buyers because your price is set too high.
Another important factor is the condition of your home. Make sure that your home looks ready to be sold. Fix any defects (peeling or faded paint, cracks, stains, etc.) Condition alone can sometimes prompt fast buying decisions. Not only should you fix any defects, but consider upgrading your home by making major repairs and cosmetic improvements before selling. A nice looking home triggers the emotional response that can lead to a financial response.
Learn how to negotiate the best terms for all parties involved. Terms are another factor that may be adjusted to attract buyers. If you insist on getting your asking price, think of what you can offer to the buyers. For example, improvements you’ve made or even offering seller financing at a lower than market interest rate on a portion of the sale price. Convince them why they should be paying the price you have set.
Lastly, get the buzz out about your home. List your house with a hot agent that ensures your house is listed on the MLS and on the Internet. On your own, get the word out. It should always be visible to passersby that your house is for sale, whether it is through signs, local advertisements or you telling friends, family, and acquaintances.
1349 W. Lane Ave, Suite 1125, Columbus, OH, 43221
(614) 769-7766
(614) 768-6531
www.livingincolumbus.com